Mergers & Acquisitions | | Deal Overview | | Buyer: Unitrin, Inc. | | Actual Acquirer: Unitrin, Inc. | | Target: Reliable Life Insurance Company | | Deal Type: Insurance Company | | Insurance Sector | Life & Health | | Announcement Date | 5/7/1997
 | | Announced Deal Value ($M) | 226.1
| | Announced Deal Value, As Reported ($M) | NA | | Status | Completed | | Announced Deal Value Per Share ($) | 134.38 | | Completion Date | 5/29/1998 |
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| | | Consideration Breakout | | Common Stock ($M) | 261.1 |
| | | Deal Pricing Ratios | | | Announcement | Completion | | Price / Earnings (x) | 15.2 | 18.7 | | Price / Book (%) | 142.9 | 154.6 | | Price / Statutory Net Income (x) | NA | NA | | Price / Capital & Surplus (%) | NA | NA | | Price / Net Premiums Written (x) | NA | NA |
| | | Deal Terms | | Description of Consideration | | Reliable Life Insurance Co. shareholders have the option to convert each of the anticipated 1,682,403 class A shares into either 2.235 shares of Unitrin Inc. stock or $119 in cash, up to a 20% cap on the cash portion of the consideration. Holders of Reliable class B stock will convert each share into 0.1 class A share prior to completion. Unitrin’s $53.75 closing price the day prior to announcement values the transaction at $202.1 million. | | Percent Acquired (%) | 100.00 | | Purchase Method? | Purchase | | Merger of Equals? | No | | Estimated Cost Savings (%) | NA | | Estimated Cost Savings ($000) | NA | | Est. Restructuring Charges ($000) | NA |
| | | Deal Advisers - Financial Advisers | | Party Advised | Adviser Hired? | Firm Name | | Buyer | NA | NA | | Seller | Yes | SG Corporate and IB |
| Deal Advisers - Legal Counsel | | Party Advised | Adviser Hired? | Firm Name | | Buyer | Yes | Lord Bissell & Brook LLP | | Seller | Yes | Bryan Cave LLP |
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